Bitcoin's Wild Ride: The Climb to $75K and What Comes Next

For a brief moment on Tuesday, crypto traders held their breath.

Bitcoin was just $175 away from making history.

After months of sideways trading between $55,000 and $70,000, the world's largest cryptocurrency finally appeared ready to break through its previous all-time high of $73,737.

And then... nothing.

Like a mountaineer caught in an avalanche just feet from the summit, Bitcoin tumbled backward, dragged down by a broader tech selloff that saw the Nasdaq plunge more than 2%.

The catalyst? Disappointing earnings from tech giants Meta and Microsoft sent shockwaves through the market. Coinbase, crypto's largest publicly traded exchange, piled on with its own earnings miss after hours.

But there's more to this story than just another volatile day in crypto.

Behind the scenes, a much bigger drama is unfolding – one that could determine whether Bitcoin heads to $100,000 or tumbles back to $50,000.

The Trump Factor

It's no coincidence that Bitcoin's surge toward all-time highs comes as Donald Trump's poll numbers climb.

The former president has emerged as crypto's unlikely champion, promising to make America "the crypto capital of the planet" while vowing to fire SEC Chair Gary Gensler on day one.

Most recently, Trump floated the idea of eliminating capital gains taxes on U.S.-made cryptocurrencies – a move that would revolutionize how Americans use digital assets.

"Bitcoin is money," Trump declared in a recent interview. "You shouldn't have to pay capital gains tax if you use it to buy a coffee."

But Don't Count Harris Out

While conventional wisdom suggests a Trump victory would send Bitcoin soaring, Vice President Harris might not be the crypto-skeptic many assume.

Money talks, and crypto companies are speaking loudly to both parties.

During this campaign cycle, cryptocurrency supporters have poured more than $200 million into the campaigns of both parties.

Take Coinbase, the largest U.S. crypto exchange. They've contributed over $93.5 million into politics this year – more than any other company in America. And they're not playing favorites.

The Harris campaign is now accepting Bitcoin donations, and crypto groups are spending big on Democratic Senate races. 

In Michigan and Arizona alone, crypto backers have spent over $18 million supporting Democratic candidates.

It's a simple strategy: instead of betting everything on one party, crypto companies are building friends on both sides of the aisle.

The approach seems to be working. 

Coinbase's Chief Financial Officer recently revealed that Harris already has guidelines drawn up to bring clarity to crypto regulations. 

It's the kind of concrete plan that crypto investors have been begging for.

The shift makes political sense. 

With nearly one in four American men invested in crypto and millions of first-time buyers anticipated to buy in the coming years, the Democratic party can't ignore cryptocurrency investors for long.

The Road Ahead

As we head into election week, Bitcoin stands at a crossroads.

A Trump victory would likely catapult prices through $75,000 – the recent high on Micro BTC futures.

With no technical resistance above the current all-time high, we'd be in uncharted territory – quite literally.

If that happens, buckle up. 

The pattern is measuring up to $95,000, but markets have a funny way of gravitating toward round numbers. In this case, that's $100,000.

A Harris victory requires a different approach. Watch the technicals carefully.

A Harris win might trigger initial selling pressure, with $70,000 and $65,000 as critical support levels. A break below could send prices back to test the $50,000-$55,000 range.

But here's the twist – regardless of who wins, crypto's newfound political influence means more favorable regulation is likely coming.

The only real question is speed.

Think of it like a cross-country road trip. 

With Trump, we're taking the interstate at 80 mph. With Harris, we're on the scenic route – but we're still heading to the same destination.

For traders, the message is clear: keep your eyes peeled on election results.

A Trump victory? Strap in and prepare for takeoff.

One thing's certain – with election day approaching and Bitcoin testing historical highs, the next few weeks promise to be anything but boring.